Financial Times Speculates On Ladbrokes IPO
Published: Wednesday, November 23, 2005 Online-Casinos.com
THE FINANCIAL TIMES SPECULATES ON LADBROKES IPO
Flotation will depend on what happens with the sale of Hilton group's hotels
The Financial Times in London was doing some informed speculative reporting this week on a possible flotation by the Ladbrokes gambling group should owner Hilton fail to sell its hotels division for GBP 3.6 billion.
The highly respected business journal reported that the chances of a hotel sales deal with US partner Hilton Hotels Corporation was seen as "50-50", with some of the group's directors favouring pressing ahead with a separation regardless.
A flotation would allow Ladbrokes to expand internationally and offset strong competition in the UK market by entering the lucrative US sector. Ladbrokes is said to be keen to expand into new territories.
It has held back from taking internet bets in the US because of Steve Bollenbach's presence on the Hilton board, says the Financial Times. Mr Bollenbach, an American and the co-chairman and chief executive of HHC, would risk being the target of legal action if Ladbrokes was to enter the US, because the legality of online betting there is unclear.
However, other betting companies with online operations - notably Gibraltar-based PartyGaming - have generated huge profits from the US despite having directors in the country.
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